If
any company contravenes any provision of this Chapter, the company shall be
punishable with fine which shall not be less than one lakh rupees but which may
extend to ten lakh rupees and every officer of the company who is in default
shall be punishable with imprisonment for a term which may extend to six months
or with fine which shall not be less than twenty-five thousand rupees but which
may extend to one lakh rupees, or with both.